psi vocab Flashcards
license
revokable permission to use another’s land
trade fixtures
a commercial tenants removable fixtures
tenancy in common
no right of survivorship where the heirs inherit the deceased person’s percentage of ownership
novation
new contractual substitution of obligations from one party to another
lis pendens
Latin for litigation pending
joint tenancy
ownership with the right of survivorship
appurtenace
anything that attaches to and runs with the land
valuable consideration
money or commodity used in a contract
prescriptive easement
an easement created by open, notorious, hostile, and continuous usage
servient tenement
easement is placed on this tenement
escheat
no heirs, therefore the government becomes owner of the real property
township
36 sections with each section having 360 acres
dominant tenement
tenement easement user
remainderman
the person to whom a life estate goes upon the death of the life tenant
specific lean
a special assessment
meridians
parallel vertical lines (N&S) six miles apart used in a government survey legal description
judgements
general liens
specific liens
mortgage liens, real estate taxes, and mechanics liens
easement by necessity
is acquired when property is land locked
mechanics lien
a specific lien and an encumbrance
tenants in common
shares can be unequal
metes and bounds
an acceptable method of legal description. A land description that begins at a specific point and proceeds around the boundaries of a parcel by reference to linear measurements and directions
government survey system
base lines run east and west
principal meridians
run north and south
a township contains how many sections
36
tenancy at will
a type of lease
a square mile is how many acres
640 one acre =43,560 square ft
defeasible fee estate
can be terminated upon violation of condition in deed
non-conforming use
a property not conforming with present zoning
condemnation
method by which government takes and pays for private property
variance
permission obtained from appropriate local government source to build or use in EXCEPTION to the zoning laws
friable
name for disintegrating asbestos
CERCLA
the Superfund
substitution
the principal of value that underlies all 3 approaches to value, which appraisers use to determine maximum value by comparing equal desirable substitutes
scarcity
essential to creating value
capitalization
the process when net income is divided by an investors desired % of return
amenities
value is enhanced by a homes proximity to beautiful views, water etc
CMA
reporting tool to help real estate professionals determine a price range for a property
progression
phenomenon that happens when buying the least expensive home in the most expensive neighborhood
arms length or most
sales not influenced by unusual circumstances used to determine the market value of the property
contribution
principle used to determine if improvements add or subtract from the value of the property
GRM
sold price divided by monthly rentsΩ
mortgagor
borrower
mortgagee
lender
term or straight loan
allows for payment of interest only with a lump-sum balloon payment of principal at a stop date
usury
charging a rate of interest in excess of the maximum rate allowed by law
trigger terms relate to
truth in lending
va loan
is not insured
amortized
fixed P&I payment where the principal increases with each payment
FHA
government insured loan
primary mortgage market
market in which loans are originated by lenders
equity
value of owners interest in their property
usury
charging interest on a loan that is above the maximum rate allowed by law
hypothecation
pledging something as collateral without giving up possession of it
GNMA
purchases government insured and guaranteed loans on the secondary market
regulation Z
regulation that requires disclosure for the cost of credit
underwater mortgage
negative equity mortgage
secondary mortgage market
market in which loans are bought and sold after having been originated
nonconforming loan
jumbo loan
discount point
computed as a percent of the loan
VA
government guaranteed loan
tenancy at will & estate for years
types of leases
severalty
the ownership of real property by 1 person only! also called sole ownership
CMA
competitive market analysis
substitution
the value of a property tends to be set by the cost of purchasing equally desirable and similar property
GRM
gross rent multiplier
reconciliation
weighing all 3 appraisal approaches to determine an indicated value
FHA
federal housing administration & government insured loan
FHA
federal housing administration &government insured loan
purchase agreement
prior to acceptance, are considered offers
legal title
received at delivery of deed
unilateral contract
one party makes commitments without receiving any promise of performance from another. An option is one type
unilateral contract
one party makes commitments without receiving any promise of performance from another
specific performance
a court order requiring a promise made to be carried out
executory contract
something remains to be done by one of the parties
earnest money
if specified in the contract, this can be used as liquidated damages
consideration
a legal requirement to create a valid contract that can be good and signed by an offeror or valuable
RESPA
Real Estate Settlement Procedures Act requiring disclosure of closing costs in sale of 1-4 family residences
EHO
Equal Housing Opportunity
Package mortgage
includes personal and real property
reserve requirements for banks are controlled by
FED
executory contract
a contract yet to be performed
riparian rights
streams
littoral rights
ocean, lake, river
